Apple to unveil NFC-based mobile payment system with iPhone 6

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Apple is set to a launch a new NFC-based mobile payment system and two drugstore companies, CVS and Walgreens have signed up with the company.

The yet-to-named mobile payment system is expected to be launched with the latest iPhone 6. The deal with two major drugstore companies in the US will accept the “new iPhone payment system” that will cover 15,000 retail stores. Apple is aiming to bring in Nordstorm for the new payment system,though it is unclear if the company will sign the deal before the launch event. CVS and Walgreens have declined to comment regarding the deal. Earlier, American Express had signed up with the company for the new payment system.

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“We don’t know what Apple may be planning in terms of payment system so it is not possible for us to say whether it is something our stores may be able to accept,” said a CVS spokesperson regarding the new e-wallet system.

The new payment system will utilize Near Field Technology (NFC) along with the existing fingerprint technology. Consumers will just have to tap the e-wallet at stores for payment instead of using a debit, credit or the physical cash as the payment data will be stored on the iPhones. Users will also have a easier way of paying for iTunes music using the system on entering the data.

Details regarding the wireless protocols are not yet known as they are used at terminals for touch-less payment. The iPhone 6 will be the first smartphone to use this feature. Apple might also include the feature in the upcoming iWatch though it might not be present due to the sleek and lightweight design of the device.